Many students doing basic mathematics cannot distinguish between #iteration, #simulation, and #emulation as different methods of experiment design.
Even further surprised why so many students don't know the similarity and the difference between computation and calculation.
These are some of the basic mistakes which one, embedded into the mind, will work their way right into a workplace and destroy our educational foundations
These are some of the basic mistakes which one, embedded into the mind, will work their way right into a workplace and destroy our educational foundations
For, e.g. when I was teaching Introduction to FRM Financial Risk Management, I noticed many students thought they are three different types of VaR - Value at Risk.
What they didn't realize is that VaR can be computed using different models aka methodologies, namely, HS, VCV, MCS.
What they didn't realize is that VaR can be computed using different models aka methodologies, namely, HS, VCV, MCS.
Similarly, students in risk management struggle to compare the conceptual differences among #volatility modelling terms/syllables, such as scaling, updating, temporal aggregation, forecasting, smoothing, market swings, amplification, noise, jumps, regime-switching, and so on etc.
Also, I have noticed that many market risk managers not just students doing advanced financial economics or financial risk electives, do not know that TVaR, ES, ESF, CVaR, LEC, AVaR, and other mumbo jumbo are all explaining the losses exceeding the Lognormal VaR Metric.
What we are lacking in the #FRM Financial Risk Management syllabus or curriculum is a dictionary that will help us to standardize concepts, connotations, and contextual understanding of the problems risk managers encounter at the workplace.
A common language is required.
A common language is required.
And why do some firms fail in meeting supervisory aka BOD assigned #GRC Governance, Risk and Compliance Targets?
Because they don't have a common language or standardized taxonomy in place!!
And what that leads to?
The failure to develop an Integrated Risk Management/ ERM Culture
Because they don't have a common language or standardized taxonomy in place!!
And what that leads to?
The failure to develop an Integrated Risk Management/ ERM Culture
Communication Gap among the 3-LOD might lead to #conduct risk.
So, academic scholars and researchers at the universities and business schools, who are engaged in teaching risk management, insurance, actuarial science and other types of hazard control disciplines and resilience frameworks, must ensure they trickle down standardized #semantics
uni-due.de/ELE/Linguistic…
Please refer to the dictionary of linguistics.
Even Risk Managers might find this useful to develop a standardized hierarchical taxonomy of risks on an Enterprise-wide basis.
Also, do read #Wittgenstein to understand the philosophy of language,
Please refer to the dictionary of linguistics.
Even Risk Managers might find this useful to develop a standardized hierarchical taxonomy of risks on an Enterprise-wide basis.
Also, do read #Wittgenstein to understand the philosophy of language,
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